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20110701
20110731
Search Results 0 to 9 of about 10 (some duplicates have been removed)
john boehner and president obama both talked of doing something big to change america's unsustainable economic path. what do you think? do you think that opportunity's lost? >> well, a week is a long time in politics. it can be a lifetime. i think what's now clear is that the big deal, the grand deal, the grand bargain of $4 trillion over ten years is dead, it's gone. i think the chances of getting a deal at $2.5 trillion or the middle-level deal, very unlikely because the president does not want to go that high without tax increases and republicans are not going to do it. here's the hard question i think that's coming up. the house republicans are now pushing a very, very tough deal through the house. over in the senate side, the republicans and democratic leaders are working together on a version of the mcconnell plan. and the president will accept that, as he said in his news conference friday. but whether the house republicans would accept that or not is a big, big question. it seems to me that's the lead horse, that's the lead solution right now, is a version of the mcconnell pla
a big, cold bucket of water. another one said that this is like we're waiting for job growth to take off and instead we are sitting grounded in the terminal month after month waiting for our flight. what's your reaction to this disappointing jobs report? >> the terminal one is a depressing thought. it's an awful jobs report. it's just awful. i was certainly expecting at least to get enough jobs to sort of keep us moving a little bit. unfortunately this is what happens after a deep financial crisis. this is par for the course. the average after a deep financial crisis postwars, four years or more of bad job numbers before things really start getting better. we thought we could beat things with our stimulus, aggressive monetary policy. but it looks like we won't. >> a lot of my colleagues have been asking me, why are the estimates so wildly off? i keep saying, we've come from such a dramatic move in the economy that people really are trying to get -- experts are trying to get a handle on where we go from here. am i right? >> absolutely. if you look at past financial crises and not past rec
a big influencer here, so has -- so have the pledges to not increase taxes by americans for tax reform. what's your sense of what this does for any future discussions about spending, budget cuts, tax increases or stimulus? >> well, here's what i think the administration would say right now, ali. we don't know all of the details right now. if the deal includes a promise that we're going to get expedited action on a tax reform package, which would have to include something like an 800 billion to a trillion dollar revenue increase as part of it, doing lower rates or broadening the base but with revenues, the sort of thing the speaker, john boehner and president were talking about. it may not be quite as bad a deal for the president. what the white house is saying, we have a stop gap here. if they don't want to increase revenues by the end of 2012, barack obama is still the president and he vetoes the repeal of the bush tax cuts so they end up with a worse situation. now, that's -- the best case that you can make perhaps with this kind of deal but not over with yet. at the same time, whate
ceiling. even one of the world's largest bond investigators, mohamed arien, he's been a big proponent of debt reduction plans. he says when it comes to kicking the can down the road, kick the down the road a little bit. this is serious. >> harvard professor ken rogoff is a former chief economist for the international monetary fund. ken, listen to this with me. republican senator kay bailey hutchison said we're about to find out how serious the obama administration is about reducing spending. listen to what she said. >> you do the things that are essential. this is where the administration is going to be tested. if they won't make an agreement that will have spending reforms, if they start doing the chicken little thing by not paying social security recipients or people in our military or interest on our debt and instead choose to cut the things that will hurt the most but not the things that they could cut responsibly, that's going to be the test that they're not serious. >> ken, she's talking about a test. is this a logical test? if you strongly believe that spending needs to be cut
. this is a big band-aid on a much more serious problem. >> this isn't about jobs today. this is about where we're going to be in 10 or 15 years, are we going to run off a cliff? are we going to sort of have a gradual adjustment or wait till the last second and have markets force us? they're not forcing us to do this. our interest rates are low. that's not the problem. but we see it coming eventually. so this is not going to help, although it will encourage wall street. it will encourage credit a bit because it will provide a bit of calm finally in the markets over this. >> do you think that any of that -- any of the plans you see right now, when you look at them, do you say any of this will create jobs? the warning i'm hearing about so many of them is in the short-term, this is possibly going to slow things down even more? >> yeah, i'd say they're not creating jobs now. but they're taking some very hard problems and, by gosh f they actually do some of the tax reform, it's going to make a big difference over the longer term. it really is going to be a help for the economy. >> jeanne, if they re
's a package that could pass. >> reporter: the big question is what's going to happen over here in the united states senate. they have this bill they continue to work on. the big question for them is whether all the adults are going to get in a room, talk about this thing and hash out something that looks like a compromise. we have pictures of republican leader mcconnell on the floor -- >> he's talking right now. >> reporter: and the point with him is that he has actually told democrats he doesn't want to sit down with them unless a representative from the white house is in the room. so the question is, why is that? it's pretty obvious. he says that senate democrats do not have the authority to sign off on anything unless the president agrees to it. so it sounds like he just doesn't want to waste his time. >> in the meantime, they're wasting our time. barney frank talked about the top earners in the country. the top 1% of earners in this country have an effective tax rate on their income of 19%. think about that as we listen in to senate minority leader mitch mcconnell right now. >> in the ho
Search Results 0 to 9 of about 10 (some duplicates have been removed)